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Senex Secures Landmark 15-year Tenure Deal with South Australia

Source: www.gulfoilandgas.com 8/19/2013, Location: Not categorized

Senex Energy Limited and the South Australian Government have agreed a 15-year petroleum retention licence scheme to enable efficient investment in exploration and appraisal across Senex’s operated oil permits in the South Australian Cooper-Eromanga Basin.

The PRL scheme is a joint initiative of Senex and the South Australian Department of Manufacturing, Innovation, Trade, Resources and Energy (DMITRE), the peak regulatory authority for the State’s petroleum industry.

Senex Managing Director Ian Davies said the initiative highlights the benefits of investing in South Australia.

“DMITRE has proven to be Australia’s thought leader in the design of regulation that balances investors’ need for security and certainty with the government’s need to encourage economic development that delivers increased royalties, employment opportunities and a thriving oil and gas industry.

“For Senex shareholders, this is a major coup at a pivotal stage of the Company’s development that enables us to target investment dollars efficiently,” he said.

The scheme enables Senex to meet its new expenditure obligations with a portfolio-wide overall expenditure target for oil exploration and appraisal. This means that Senex will retain its permit interests over each of the five-year terms of the scheme provided it meets the agreed overall expenditure target for that period.

“The scheme allows us to prioritise investment in our oil business according to prospectivity and therefore spend our capital efficiently and target the highest return investments for Senex and South Australia,” Mr Davies said.

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